On Wednesday investors were trying to determine if the triple digit decline in the Dow and weakness in the S&P 500 foreshadowed more negative market action in days to come."Although we're in a quiet time of year, no one is changing their views on Europe,” says Neal Neilinger, chief investment officer at Aladdin Capital in a Reuters interview. In other words, the belief that the US stock market would shrug off bad news out of Europe has not played out. And on Wednesday, the market got some pretty sobering news.

Published reports in the Financial Times and elsewhere revealed that European banks had deposited record amounts of cash with the ECB.

That spooked investors because it suggested European banks fear doing business with other European banks. “In other words, European banks will only park money overnight with the ECB – and not with each other,” explains trader Steve Cortes. “It’s generating nervousness reminiscent of Lehman,” adds CNBC Contributor Ron Insana.Developments not only remind US investors that the US market remains at the mercy of Europe, it also suggests the crisis has several innings left.